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Rising Adoption Of Electric Vehicles Boosts Automotive Electric Drivetrain Components Market: Transformative Forces Shaping the Automotive Electric Drivetrain Components Market Landscape in 2025
Automotive Electric Drivetrain Components Market
What Will the Automotive Electric Drivetrain Components Industry Market Size Be by 2025?
The market for components of automotive electric drivetrains has experienced significant expansion in recent times. The market value is projected to escalate from $63.66 billion in 2024 to hit $79.63 billion the following year, representing a compound annual growth rate (CAGR) of 25.1%. The expansion observed in the past can be credited to various factors including emissions regulations by the government, consumer preference for eco-friendly vehicles, slashing of battery prices, advancements in power electronics and capital put into charging infrastructure enhancement.
What's the Long-Term Growth Forecast for the Automotive Electric Drivetrain Components Market Size Through 2029?
Significant growth is expected in the automotive electric drivetrain components market over the coming years, with the market size set to reach $185.53 billion in 2029. This equates to a compound annual growth rate (CAGR) of around 23.5%. The forecasted growth for this period can be attributed to factors such as the rapid development of technology, regulatory pressure for non-emission vehicles, advances in battery chemistry, the automotive industry's increased focus on electrification, and a shift to e-mobility solutions. In addition, key trends during this forecast period will include an increase in energy density in batteries, the integration of vehicle-to-grid (v2g) technology, refined thermal management solutions, personalised user interactions and connectivity, alongside improved vehicle-to-vehicle (v2v) communication.
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What Are the Key Growth Drivers Fueling the Automotive Electric Drivetrain Components Market Expansion?
The growth of the automotive electric drivetrain components market is being fueled by the rising uptake of electric vehicles. These vehicles are fully electric and emit zero pollutants, with an onboard electrical energy storage system that can be recharged from an external power source. The electric drivetrain components in these vehicles convert electrical energy into mechanical energy, powering the wheels of the vehicle. As per the U.S. Energy Information Administration, a US government agency, in November 2023, the proportion of battery-electric vehicles (BEVs) in new light-duty vehicle sales touched 17.7% in the third quarter of 2023. BEVs represented 16.0% of all new vehicle sales for the year to date, a rise from 12.5% in 2022 and 9.0% in 2021. Thus, the increasing acceptance of battery electric vehicles is spurring the expansion of the automotive electric drivetrain components market.
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What Are the Key Trends Driving Automotive Electric Drivetrain Components Market Growth?
Innovation in product offerings is a rising trend in the automotive electric drivetrain components industry. Leading businesses in this field are focusing on the creation of novel products to retain their market presence. For example, in April 2023, Volkswagen, an automobile manufacturer based in Germany, introduced an upgraded version of the electric vehicle drivetrain called APP550. This new version of APP550 rear-wheel drive units offers enhanced performance and more efficient automobile operation. Furthermore, improvements to the heat management system boost the efficiency even more. The component has the capability to regulate its temperature utilising the gear wheels of the transmission.
How Is the Automotive Electric Drivetrain Components Market Segmented?
The automotive electric drivetrain components market covered in this report is segmented -
1) By Components: Electric Drive Module, DC Or DC Converter, Battery Packs, Thermal System, DC Or AC Inverter, Power Distribution Module (PDM), Other Components
2) By Vehicle: Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV)
3) By Sales Channel: Original Equipment Manufacturer (OEM), After market
Subsegments:
1) By Electric Drive Module: Integrated Electric Drive Systems, Electric Motor Assembly
2) By DC Or DC Converter: Step-Up Converters, Step-Down Converters
3) By Battery Packs: Lithium-Ion Battery Packs, Solid-State Battery Packs, Nickel-Metal Hydride (NiMH) Battery Packs
4) By Thermal System: Cooling Systems, Heating Systems, Thermal Management Components
5) By DC Or AC Inverter: Dc To AC Inverters, Multilevel Inverters, Grid-Tie Inverters
6) By Power Distribution Module (PDM): Battery Management Systems (BMS), Power Routing Modules
7) By Other Components: Electric Power Steering (Eps) Systems, Regenerative Braking Systems, Control Units And Software
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Which Companies Are Leading the Charge in Automotive Electric Drivetrain Components Market Innovation?
Major companies operating in the automotive electric drivetrain components market include Volkswagen AG, Robert Bosch GmbH, Siemens AG, Panasonic Corporation, ZF Friedrichshafen AG, Denso Corporation, Continental AG, Hyundai Mobis, Magna International Inc., Aisin Seiki Co. Ltd, Valeo SA, Eaton Corporation PLC, Hitachi Astemo Ltd., Parker Hannifin Corporation, Schaeffler AG, Nidec Corporation, BorgWarner Inc., MAHLE GmbH, Infineon Technologies AG, Marelli Holdings Co. Ltd., Dana Incorporated, Hexagon AB, GKN Automotive Limited, JATCO Ltd., Delphi Technologies, The Johnson Electric Group, AVL List Gmbh, Univance Corporation, Hofer Powertrain GmbH
Which Regions Are Leading the Global Automotive Electric Drivetrain Components Market in Revenue?
Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive electric drivetrain components market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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